Private Equity 3d Briefing
×Mega-Deals & Takeovers
BlackRock’s GIP pe-insights.com and EQT are in advanced talks to acquire US power producer AES in a deal valued at approximately $12.4 billion. Separately, Blackstone pe-insights.com, CVC and Brookfield submitted preliminary bids for Volkswagen’s diesel engine unit Everllence, which is carved out at around €8 billion. Advent International pe-insights.com is among five suitors circling UK manufacturer Senior plc in a $1.78 billion takeover process. Oaktree Capital pe-insights.com is exploring a sale or IPO for UK wealth manager Utmost Group, potentially valuing it at $2.7 billion.
Firm Movements & Leadership
Sverica pehub.com promoted Michael Dougherty to partner and Doug Patrican to principal, also hiring Matt Johnson as a principal. DPI pehub.com appointed Sofiane Lahmar as its new CEO; Lahmar has been a senior partner since 2010. Encore pehub.com elevated Paul Rivenburgh to managing director after he joined as an associate in 2016. Cavu pehub.com promoted Jared Jacobs to managing partner; he joined the firm in 2017. Permira pehub.com named Giorgio Dinaro as head of its Milan office, succeeding Francesco Pascalizi.
Credit Market Dynamics
KKR’s FSK fund pe-insights.com reported increased troubled loans and lower fourth-quarter results, highlighting pressures in private credit. KKR’s $13bn FSK fund pe-insights.com is adapting to the shifting landscape, while a Blackstone private credit fund pe-insights.com priced a $400 million bond amid software sector volatility. Arcmont Asset Management pe-insights.com secured $1.62 billion for its complex European private credit strategy. Calpers pe-insights.com remains confident in its private credit exposure despite AI-driven software risks in the $1.8 trillion market. Apollo and BNP Paribas are finalising a partnership to expand European private credit originations.
Sector Consolidation
Falfurrias-backed Woven Solutions pehub.com acquired government consultancy Valence, expanding its national security software portfolio. Multiples-backed Zenex Animal Health pehub.com purchased Netherlands-based Vieve Pharm, known for phytogenic formulations. Gemspring-backed Zavation pehub.com picked up Choice Spine, a spinal implants maker. Renovus-backed Solomon Edwards pehub.com acquired consulting and recruiting firm CFO’s Domain. Behrman pehub.com sold Waterline Renewal Technologies to New Mountain Capital-backed Azuria. Insight Equity pehub.com acquired aerosol products manufacturer IKI. Terminus pehub.com invested in fintech firm Eventus. IOP pehub.com agreed to sell Royston, a retail fixtures provider, to LSI Industries for $320 million. Bridgepoint pehub.com backed music investment platform Gold State Music. Tonka Bay pehub.com invested in home services marketing platform Camp Digital. Wise Equity pehub.com committed to vending machine manufacturer FAS International. Trive Capital pehub.com invested in Rolfson Oil, which subsequently acquired Flint Logistics Group.
Secondaries & Fundraising
Carlyle Group pe-insights.com set a target of $200 billion in inflows by 2028 as its turnaround progresses. La Caisse pe-insights.com grew to $378 billion after a 9.3% return in 2025, navigating PE headwinds. CPP Investments secondariesinvestor.com will consider secondaries sales to trim older private equity exposure while aiming to deploy C$20 billion this year. The GP-led credit market is exploring new deal structures, per NEXUS conference secondariesinvestor.com discussions. Secondaries market expectations for 2026 were outlined at NEXUS 2026 secondariesinvestor.com, predicting increased LP selling and a new normal for continuation fund valuations.
Strategic Exits & Corporate Governance
EQT pehub.com sold its remaining shares in Azelis, a specialty chemicals distributor, for €190 million. Toyota pe-insights.com plans to unwind approximately ¥3 trillion ($19 in cross-shareholdings as part of a corporate governance reform drive. Saudi AI firm QST pe-insights.com is exploring strategic options, including a potential sale, amid buyout interest in the kingdom’s tech sector. Plaid pe-insights.com returned to an $8 billion valuation in an employee liquidity funding round.
Healthcare & Hospice Focus
PE firms are eyeing hospice care platforms, with Kinderhook pehub.com, Renovus and Revelstoke among those pursuing investments. Inflexion’s John Di Giovanni pehub.com highlighted exciting AI use cases in healthcare, while Victor Capital’s Doug Korn suggested tariff risks have peaked.
Other Notable Moves
Searchlight Capital pehub.com and Abry agreed to take Io T company Kore private for $726 million. Equinix pe-insights.com and CPPIB are near a $4 billion deal for Nordic data centre operator at North. Content monetization firm Stay22 pehub.com raised $122 million from Summit Partners for global expansion. Clearlake Capital’s José Feliciano pehub.com warned that software buyouts are currently a "four-letter word" due to market conditions. Astorg pehub.com will see co-head Edouard Pillot leave, with Lionel de Posson taking sole control of the mid-cap team.